LG Electronics is gearing up to expand its portfolio of mobile phone products so as to compete better with other market players. The focus for LG currently remains on boosting sales volume and the results of these efforts are expected to kick in starting from the fourth quarter. Although there was a gap in product launches after LG launched its G4 smartphones, the company has now covered some lost ground with the launch of its new V10 smartphone. In the mobile devices domain, the company competes with players such as Samsung, Apple, Nokia, and Motorola.

The consumer electronics behemoth, headquartered in South Korea, now wants to account for a larger share of the global smartphones market but will stay focused on low- to mid-range mobile phones. However, the company will continue to regularly launch high-end devices in order to sustain its presence in the top-of-the-line mobile phone segment. LG’s smartphones will be even richer on features now as the company wants to aggressively boost sales volumes.

In order to create more revenue streams, LG is also now working on a mobile payment service. The company’s commercial sales of its V10 smartphone will be kicked off in South Korea starting October 8, 2015. However, it’s not just the larger global firms that LG will have to contend with – the company will also have to fight for a share of the smartphone market with Chinese companies such as Xaiomi, Huawei, and Lenovo. Since these companies primarily compete in the low- and mid-range smartphones space, which sees higher volume sales, the competition for LG is expected to be intense.

The second quarter of 2015 saw LG Electronics report flat sales, prompting it to look toward the smartphone market in a bid to enhance both its market presence and revenue. This also marks a departure from the company’s earlier strategy where it would launch a new model every year. The frequency of new models being launched by LG will now see an increase.